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Deal with Mubadala Investments, one of the largest real estate transactions in the country
Aldar Properties PJSC (“Aldar”) has signed an agreement with Mubadala Investment Company to acquire four premium Grade A commercial towers in Abu Dhabi Global Market (ADGM), Abu Dhabi’s international financial centre, on Al Maryah Island.
The transaction includes four major office buildings at ADGM on Al Maryah Island – Al Sila, Al Sarab, Al Maqam and Al Khatem – with a total net lettable area of 180,000 sqm. Aldar will also have north and south car parks serving office buildings and other mixed-use spaces.
The assets will be held by Aldar Investment Properties (“AIP”), the largest institutional-grade real estate platform in the region, worth AED 4.3 billion, one of the largest real estate transactions in the UAE, bringing Aldar’s total capital deployment into recurring 2022 Revenue assets exceed AED 7 billion.
Developed by Mubadala in 2013, the ADGM Grade A office building is constructed to international standards and is the first office building in the UAE to be pre-certified for LEED Core and Shell Gold by the US Green Building Council. The buildings have a ventilated double façade, photovoltaic panels, external shading, occupancy-sensing lighting and more.
The acquisition allows AIP’s portfolio to benefit from the attractive growth prospects of the Al Maryah Island Grade A commercial office market, particularly ADGM.
The agreement was signed by Talal Al Dhiyebi, Group CEO of Aldar Properties, and Ali Al Mheiri, Executive Director of UAE Diversified Assets at Mubadala Investment Company. The signing ceremony was witnessed by HE Mohamed Khalifa Al Mubarak, Chairman of Aldar, and Musabbeh Al Kaabi, CEO of Mubadala Investment Company Emirates Investment Company.
Commenting on the transaction, Talal Al Dhiyebi, Group Chief Executive Officer of Aldar Properties, said: “As part of our transformational growth agenda, we will continue to aggressively pursue capital deployment opportunities to expand our portfolio. ADGM’s office complex is a must in Abu Dhabi. The replicated asset, located in the heart of the financial district, allows us to diversify our commercial offerings and revenue streams. Our strong long-term relationship with Mubadala and the strategic nature of the transaction will enable Aldar to promote ADGM as the most desirable international financial services entity in the region destination.”
Besides being the main developer of the 116-hectare Al Maryah Island, Mubadala Investment Company is also a founding shareholder of Aldar Properties PJSC, currently holding a 25% stake.
Ali Al Mheiri, Executive Director of UAE Diversified Assets at Mubadala Investments commented:
“Today’s transaction is a milestone in Mubadala’s long history as a master developer on Al Maryah Island and the right time for Mubadala to realise the value of the four Class A towers after nearly a decade of ownership.
“As the largest real estate developer and asset manager in the UAE, Aldar brings the right operational expertise to enhance the thriving business ecosystem in Abu Dhabi’s global market, enhance its competitiveness and bring world-class, internationally renowned players to the fore. attracted to its thriving community.”
Aldar is pursuing a transformational growth strategy with several major transactions in 2022, notably a landmark $1.4 billion investment in the company by Apollo Global Management.
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In the first half of 2022, Aldar acquired the retail and hospitality assets of Ras Al Khaimah and the logistics and hospitality assets of Abu Dhabi. The acquisition of the ADGM office tower further enriches Aldar’s investment property portfolio, increasing the share of the commercial office segment to 34% of total asset value. As a result of these transactions, assets under management at Aldar Investment have grown to AED30 billion by the end of the first half of 2022.
Opened in October 2015 on Al Maryah Island, Abu Dhabi Global Market (ADGM) is the UAE’s capital international financial centre and the only financial free zone in Abu Dhabi that allows tenants to conduct both onshore and offshore business. Entering its seventh year, ADGM has made significant strides, enhancing its international standing, cementing its reputation as a leading IFC and recognized as the destination of choice for those seeking to do business with the region. Its fast-growing business community continues to thrive, with key industry players including Abu Dhabi Investment Authority (ADIA), Abu Dhabi National Oil Company (ADNOC), BNP Paribas, Kraken, JPMorgan, Citi, Blackstone, Reliance Industries and CITCO.
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